Displaying Market Data

ABSTRACT

A system for generating a display of at least one side of a market includes a computer system having one or more computers. The displayed side of the market includes one or more offers from one or more market participants. Each offer includes an offered price and an offered quantity. The computer system receives market data reflecting the one or more offers and generates a display of the received market data. The display includes a price axis, a quantity axis, and one or more offer bars. Each offer bar represents one or more offers including equal offered prices. Placement of an offer bar along the price axis represents the equal offered prices for the one or more offers represented by the offer bar. The height of an offer bar relative to the quantity axis represents the aggregate offered quantity for the one or more offers represented by the offer bar.

CLAIM OF PRIORITY

This is a divisional of U.S. patent application Ser. No. 09/970,052,filed on 3 Oct. 2001 and entitled “Displaying Market Data.” U.S. patentapplication Ser. No. 09/970,052 is commonly assigned to the assignee ofthe present application. The disclosure of related U.S. patentapplication Ser. No. 09/970,052 is hereby incorporated by reference intothe present disclosure as if fully set forth herein.

BACKGROUND

1. Technical Field of the Invention

This invention relates generally to electronic commerce and moreparticularly to facilitating order entry.

2. Background of the Invention

Business transactions are increasingly taking place over the Internetand other electronic communication networks. Electronic markets mayprovide a forum for such transactions, allowing buyers to locatesellers, and vice versa. This process may involve a buyer (or seller)identifying a seller (or buyer) offering to sell (or buy) a suitablequantity of a particular item at a suitable price. Typically, the buyerwants to buy at the lowest possible price, and the seller wants to sellat the highest possible price. It may be advantageous for a buyer (orseller) to monitor market conditions and buy (or sell) when suchconditions meet certain criteria favorable to the buyer (or seller).However, market conditions may be subject to constant change, and suchchanges may occur rapidly. It may therefore be difficult for a buyer (orseller) to monitor market conditions and make buy (or sell) decisionsbased on market conditions meeting certain criteria. Additionally, abuyer (or seller) may only want to buy from (or sell to) certain sellers(or buyers) participating in the market, which may limit optionsavailable to the buyer (or seller) and make it more difficult todetermine whether market conditions are favorable.

SUMMARY OF THE INVENTION

According to the present invention, disadvantages and problemsassociated with previous market display techniques may be substantiallyreduced or eliminated.

In one embodiment of the present invention, a system for generating adisplay of at least one side of a market includes a computer systemhaving one or more computers. The displayed side of the market includesone or more offers from one or more market participants. Each offerincludes an offered price and an offered quantity. The computer systemreceives market data reflecting the one or more offers and generate adisplay of the received market data. The display includes a price axis,a quantity axis, and one or more offer bars. Each offer bar representsone or more offers including substantially equal offered prices.Placement of an offer bar along the price axis represents thesubstantially equal offered prices for the one or more offersrepresented by the offer bar. The height of an offer bar relative to thequantity axis representing the aggregate offered quantity for the one ormore offers represented by the offer bar. The computer system accessesan average price specified by a user, calculates an offered quantityavailable at the specified average price based on the received marketdata, and indicates the calculated offered quantity within the displayof the received market data.

Particular embodiments of the present invention may provide one or moretechnical advantages. For example, particular embodiments may provide adisplay of market data that includes a substantially real-time graphicalrepresentation of market conditions. Particular embodiments maycalculate and display a quantity of items that may be bought (or sold)at a particular average buy (or sell) price under current marketconditions. Particular embodiments may facilitate order entry based on acalculated and displayed quantity of items that may be bought (or sold)at a particular average buy (or sell) price under current marketconditions. Particular embodiments may calculate and display an averagebuy (or sell) price at which a particular quantity of items may bebought (or sold) under current market conditions. Particular embodimentsmay also facilitate order entry based on a calculated and displayedaverage buy (or sell) price at which a particular quantity of items maybe bought (or sold) under current market conditions. Particularembodiments may incorporate one or more approved seller (or buyer) listsinto a substantially real-time graphical representation of marketconditions. Incorporating an approved seller (or buyer) list into asubstantially real-time graphical representation of market conditionsmay enable a buyer (or seller) to more easily monitor market conditionsin light of such a list. Particular embodiments may provide a display ofmarket data that includes a plot of average buy (or sell) prices as afunction of quantity and a plot of average buy (or sell) prices as afunction of both quantity and one or more approved seller (or buyer)lists, which may highlight price differences the two price curves aswell as costs associated with the exclusion of certain sellers (orbuyers). Particular embodiments may similarly provide a display ofmarket data that includes a plot of average sell prices as a function ofquantity and a plot of average sell prices as a function of bothquantity and one or more approved buyer lists, which may highlight pricedifferences the two price curves as well as costs associated with theexclusion of certain buyers.

Systems and methods incorporating one or more of these or othertechnical advantages may be well suited for modem electronic markets.Other technical advantages may be readily apparent to those skilled inthe art from the figures, descriptions, and claims included herein.

BRIEF DESCRIPTION OF THE DRAWINGS

To provide a more complete understanding of the present invention andthe features and advantages thereof, reference is made to the followingdescription taken in conjunction with the accompanying drawings, inwhich:

FIG. 1 illustrates an example system for displaying market data;

FIG. 2 illustrates an example display of market data;

FIG. 3 illustrates another example display of market data;

FIG. 4 illustrates another example display of market data;

FIG. 5 illustrates an example method for generating an example displayof market data and facilitating order entry;

FIG. 6 illustrates an example method for generating another exampledisplay of market data and facilitating order entry; and

FIG. 7 illustrates an example method for generating another exampledisplay of market data and facilitating order entry.

DETAILED DESCRIPTION OF THE DRAWINGS

FIG. 1 illustrates an example system 10 for displaying market data.System 10 may include one or more buyers 12, one or more sellers 14, andat least one electronic marketplace 16 associated with a web site orother environment accessible to buyers 12 and sellers 14. In general,electronic marketplace 16 may receive bids from buyers 12 and asks fromsellers 14 and, when a strike occurs, initiate a transaction between thecorresponding buyer 12 and seller 14. A bid may include an offer to buya particular number of items at a particular price, and an ask mayinclude an offer to sell a particular number of items at a particularprice. A bid may therefore include a bid price and a bid quantity, andan ask may similarly include an ask price and an ask quantity. A strikebetween a particular bid and a particular ask may occur when thecorresponding bid price is greater than or substantially equal to thecorresponding ask price and may result in a transaction between thecorresponding buyer 12 and seller 14. Items may include raw materials,component parts, products, or any other tangible or intangible thingsthat may be the subject of a transaction between a buyer 12 and a seller14, and a single item may include one or more other items. Additionally,items may include lots, blocks, bundles, bushels, or other suitableunits of one or more individual items, where appropriate. For example,capacitors may be bought and sold in indivisible units of five hundredcapacitors, instead of one capacitor at a time.

Although buyers 12 and sellers 14 are described as separate entities, abuyer 12 in one transaction may be a seller 14 in another transaction,and vice versa. Moreover, reference to a “buyer” or a “seller” mayinclude a person, a computer system having one or more computers, anenterprise, or any other buying or selling entity, as appropriate. Forexample, a buyer 12 may include a computer programmed to autonomouslyidentify a need for an item, search for that item, and buy that itemupon identifying a suitable seller. Although buying and selling areprimarily described herein, the present invention contemplates anyappropriate market transaction.

Buyers 12, sellers 14, and electronic marketplace 16 may be coupled toeach other using links 18 that may each include one or more local areanetworks (LANs), metropolitan area networks (MANs), wide area networks(WANs), a portion of the Internet, or any other appropriate wireline,optical, wireless, or other links. The components of electronicmarketplace 16 may operate on one or more computers at one or morelocations, and electronic marketplace 16 may share one or more computersor other resources with one or more buyers 12 or one or more sellers 14,according to particular needs. Bids and asks may be received byelectronic marketplace 16 or an associated device in any suitableformat, such as in the form of Hypertext Markup Language (HTML),Extensible Markup Language (XML), or other suitable files withinHypertext Transport Protocol (HTTP) messages.

Associated with electronic marketplace 16 may be one or more marketservers 20 and one or more databases containing transaction information22. In general, market server 20 may support a particular electronicmarket for a particular item or set of items. For example, market server20 may receive bids from buyers 12 and asks from sellers 14, prioritizebids and asks, determine when a strike occurs between a particular bidand ask, determine a strike price, cancel or otherwise remove from themarket a bid or ask (automatically or at the request of thecorresponding buyer 12 or seller 14), keep a record of a particularstrike by storing associated transaction information 22, initiate atransaction between buyer 12 and seller 14 when a strike occurs, andperform other suitable tasks associated with supporting an electronicmarket. In addition, market server 20 may perform tasks associated withproviding a display of market data. For example, market server 20 maycommunicate market data to one or more buyers 12, sellers 14, or othersuitable entities, which data may be used by the recipients to generatemarket displays. Transaction information 22 may include a number ofrecords, each corresponding to a particular strike. A record of a strikemay reflect a strike price, a date and time, information identifyingbuyer 12 and seller 14, and a strike quantity. Transaction information22 may be used by buyer 12, seller 14, and any other appropriateentities to finalize a transaction between buyer 12 and seller 14initiated as the result of a strike or for any other suitable purposes.

FIG. 2 illustrates an example display 30 of market data. Market data mayinclude any suitable information reflecting market conditions, which mayinclude existing bid and ask prices, existing bid and ask quantities,and other market conditions. Display 30 may be generated in any suitablemanner for use by any suitable market participants. In one embodiment,for example, market server 20 may communicate market data to a computersystem having one or more computers associated with a particular buyer12, which computer system may, using the market data, generate display30 for the exclusive use of buyer 12. In another embodiment, forexample, market server 20 may locally generate all or certain portionsof display 30 for a particular buyer 12 and communicate correspondingdisplay data to a computer system associated with buyer 12 for theexclusive use of buyer 12. In another embodiment, for example, marketserver 20 may locally generate certain portions of display 30 for use byany number of buyers 12 or sellers 14 and communicate correspondingdisplay data to a computer system associated with a particular buyer 12,which computer system may modify display 30 (which may includegenerating further portions of display 30) for buyer 12. Moreover,display 30 may be updated as changes in market conditions occur (whichmay include bids and asks being placed on the market, bids and asksbeing removed from the market, and other changes) to provide asubstantially real-time representation of market conditions.

Display 30 may include one or more bid bars 32 and one or more ask bars34. Bid bars 32 may each represent one or more bids at a particular bidprice, and ask bars 34 may each represent one or more asks at aparticular ask price. Bid prices corresponding to bid bars 32 may begraphically represented by the placement of bid bars 32 along price axis36, which may include per-item prices. Ask prices corresponding to askbars 34 may similarly be graphically represented by the placement of askbars 34 along price axis 36. The total bid quantity at a particular bidprice may be graphically represented by the height of the correspondingbid bar 32 relative to quantity axis 38, and the total ask quantity at aparticular ask price may be graphically represented by the height of thecorresponding ask bar 34 relative to quantity axis 38. For example, bidbar 32 d may indicate that there is a total bid quantity of sevenhundred items at a bid price of $9.30, and ask bar 34 c may indicatethat there is a total ask quantity of eleven hundred items at an askprice of $11.10. As described above, buyers 12 may generally want to buyat lower prices and sellers 14 may generally want to sell at higherprices. For this and possibly other reasons, bid prices may generallyfall within a lower range 40 of prices, ask prices may generally fallwithin a higher range 42 of prices, and price ranges 40 and 42 maygenerally be separated from each other by a spread 44, which mayrepresent the price difference between the leading bid price and theleading ask price. Although example display 30 is described andillustrated herein as including bid bars 32 and ask bars 34, the presentinvention contemplates any suitable information being included within orexcluded from display 30, according to particular needs. For example,display 30 may exclude bid bars 32 and include ask bars 34, providing adisplay of market data only for the ask side of the market. As anotherexample, display 30 may exclude ask bars 34 and include bid bars 32,providing a display of market data only for the bid side of the market.

Display 30 may also include one or more windows 46 for entering averagebuy (or sell) prices and displaying calculated quantities correspondingto entered average buy (or sell) prices. For example, a buyer 12 usingdisplay 30 may enter an average buy price, and the quantity of itemsthat may be bought at the entered average buy price under current marketconditions may be calculated and displayed within window 46. In additionor as an alternative, window 46 may be used for entering quantities ofitems and displaying calculated average buy (or sell) pricescorresponding to entered quantities. For example, buyer 12 may enter aquantity of items, and the average buy price for the entered quantity ofitems under current market conditions may be calculated and displayedwithin window 46. Any suitable combination of hardware and softwaresupporting display 30 may calculate quantities and average prices. As anexample of the concepts described above and not by way of limitation,buyer 12 may enter an average buy price of $10.38, and a calculatedquantity of five hundred items (the quantity of items that may be boughtat an average buy price of $10.38 under the market conditions shown inexample market display 30) may be displayed within window 46. As anotherexample, buyer 12 may enter a quantity of eleven hundred items, and acalculated average price of $10.55 (the average buy price at whicheleven hundred items may be bought under the market conditions shown inexample market display 30) may be displayed within window 46. Although abuyer 12 is particularly described as using window 46 to enter anaverage buy price or quantity, the present invention contemplates anysuitable user making use of window 46 for any suitable purpose. Forexample, a seller 14 may use window 46 to enter an average sell price orquantity, and a corresponding quantity or average sell price maydisplayed within window 46 or elsewhere within display 30, as describedbelow.

In addition or as an alternative to being displayed within window 46,entered quantities and average buy (or sell) prices and calculatedquantities and average buy (or sell) prices may be graphically displayedusing one or more quantity bars 48 and one or more average price bars50, respectively. As described above, for example, buyer 12 may enter anaverage buy price of $10.38, and a calculated quantity of five hundreditems may be displayed within window 46. In addition or as analternative to the display within window 46, quantity bar 48 may begenerated within market display 30 and placed along quantity axis 38according to the calculated quantity of five hundred items.Additionally, average price bar 50 may be generated within marketdisplay 30 and placed along price axis 36 according to the enteredaverage price of $10.38. As another example, buyer 12 may enter aquantity of eleven hundred items, and a calculated average price of$10.55 may be displayed within window 46. In addition or as analternative to the display within window 46, average price bar 50 may begenerated within market display 30 and placed along price axis 36according to the calculated average price of $10.55. Additionally,quantity bar 48 may be generated within market display 30 and placedalong quantity axis 38 according to the entered quantity of elevenhundred items. Although example quantity bar 48 and example averageprice bar 50 are described and illustrated herein, the present inventioncontemplates any suitable bars or other graphical representations ofentered quantities and average buy (or sell) prices and calculatedquantities and average buy (or sell) prices. Although average price bar50 and quantity bar 48 have been particularly described as being used tographically display for a buyer 12 average buy prices and correspondingquantities, the present invention contemplates any suitable informationbeing displayed using quantity bar 48 and average price bar 50 for anysuitable user. For example, average price bar 50 and quantity bar 48 maybe used to graphically represent average sell prices and correspondingquantities for a seller 14.

Display 30 may also include one or more execution icons 52, which mayfacilitate order entry by a user. An order may include a bid or an ask,as appropriate. Where an order includes a bid, the order may include abid price, a bid quantity, or both a bid price and a bid quantity,according to particular needs. Similarly, where an order includes anask, the order may include an ask price, an ask quantity, or both an askprice and ask quantity, according to particular needs. In particular,execution icon 52 may be used to cause one or more orders to beautomatically generated based on information displayed within window 46or elsewhere within display 30 and communicated to market server 20 forexecution. For example, a buyer 12 using display 30 may enter an averagebuy price, and the quantity of items that may be bought at the enteredaverage buy price under current market conditions may be calculated anddisplayed within window 46 or elsewhere within display 30, as describedabove. Buyer 12 may use execution icon 52 to cause one or more bids forthe calculated and displayed quantity of items at the entered averagebuy price to be automatically generated and communicated to marketserver 20 for matching with one or more appropriate asks. Buyer 12 may,in addition or as an alternative, enter a quantity of items, and theaverage buy price at which the entered quantity of items may be boughtunder current market conditions may be displayed within window 46 orelsewhere within display 30, as described above. Buyer 12 may useexecution icon 52 to cause one or more bids for the entered quantity ofitems at the calculated and displayed average buy price to beautomatically generated and communicated to market server 20 formatching with one or more appropriate asks.

Although execution icon 52 has been particularly described as being usedby a buyer 12, the present invention contemplates any suitable usermaking use of execution icon 52 for any suitable purpose. For example, aseller 14 using display 30 may use execution icon 52 to cause one ormore asks to be automatically generated based on information displayedwithin window 46 or elsewhere within display 30 and communicated tomarket server 20 for matching with one or more appropriate bids. Anysuitable combination of hardware and software supporting display 30 maygenerate an order based on information displayed within window 46 orelsewhere within display 30 and communicate the generated order tomarket server 20 in response to a user selecting execution icon 52 orotherwise indicating a desire to buy or sell. Although example executionicon 52 is particularly described and illustrated herein, the presentinvention contemplates a user indicating a desire to cause an order tobe generated based on information displayed within window 46 orelsewhere within display 30 and subsequently communicated to marketserver 20 in any suitable manner.

As an example of the concepts described above and not by way oflimitation, a buyer 12 using display 30 may enter an average buy priceof $10.38, and a corresponding quantity of five hundred items may bedisplayed within window 46 and using quantity bar 48, as describedabove. Buyer 12 may then (possibly after making a buy decision based onthe information within display 30) select execution icon 52 or otherwiseindicate a desire to buy five hundred items at an average buy price of$10.38, which may cause a bid for four hundred items at a bid price of$10.30 and a bid for one hundred items at a bid price or $10.70 to beautomatically generated and communicated to market server 20 formatching with one or more appropriate asks. Since four hundred items areavailable at $10.30 and one hundred items are available at $10.70 undercurrent market conditions, the bids communicated to market server 20 maybe matched with one or more appropriate asks within a substantiallyshort time of being received by market server 20. As another example,buyer 12 may enter a quantity of eleven hundred items, and acorresponding average buy price of $10.55 may be displayed within window46 and using average price bar 50, as described above. Buyer 12 may thenselect execution icon 52, which may cause a bid for four hundred itemsat a bid price of $10.30 and a bid for seven hundred items at a bidprice of $10.70 to be automatically generated and communicated to marketserver 20 for matching with one or more appropriate asks. Since fourhundred items are available at $10.30 and seven hundred items areavailable at $10.70 under current market conditions, the bidscommunicated to market server 20 may be matched with one or moreappropriate asks within a substantially short time of being received bymarket server 20.

FIG. 3 illustrates another example display 60 of market data. Display 60may incorporate one or more approved seller lists and one or moreapproved buyer lists into a substantially real-time graphicalrepresentation of market conditions. An approved seller list may includea list of sellers 14 from which a particular buyer 12 may buy one ormore items. Buyer 12 may decline to buy from sellers 14 excluded fromthe list. Similarly, an approved buyer list may include a list of buyers12 to which a particular seller 14 may sell one or more items, andseller 14 may decline to sell to excluded buyers 12. Buyers 12 andsellers 14 may choose to transact business only with certain sellers 14and buyers 12 for any suitable reasons. For example, a particular buyer12 may prefer to buy from sellers 14 within a certain geographic area.Approved seller lists for a particular buyer 12 may vary from item toitem, and approved buyer lists for a particular seller 14 may vary fromitem to item. For example, an approved seller list for item A for aparticular buyer 12 may include a particular seller 14, while anapproved seller list for item B for buyer 12 may exclude seller 14.Excluding one or more sellers 14 may affect market conditions for aparticular buyer 12, and excluding one or more buyers 12 may affectmarket conditions for a particular seller 14. For example, excluding oneor more sellers 14 from a particular market may result in thereeffectively being fewer asks, which may affect ask prices and askquantities available to a particular buyer 12.

Display 60 may be generated in any suitable manner for use by anysuitable market participants. In one embodiment, for example, marketserver 20 may communicate market data to a computer system having one ormore computers associated with a particular buyer 12, which computersystem may, using the market data, generate display 60 for the exclusiveuse of buyer 12. In another embodiment, for example, market server 20may locally generate all or certain portions of display 60 for aparticular buyer 12 and communicate corresponding display data to acomputer system associated with buyer 12 for the exclusive use of buyer12. In another embodiment, for example, market server 20 may locallygenerate certain portions of display 60 for use by any number of buyers12 or sellers 14 and communicate corresponding display data to acomputer system associated with a particular buyer 12, which computersystem may modify display 60 (which may include incorporating one ormore approved seller lists into the previously generated portions ofdisplay 60) for buyer 12. Moreover, display 60 may be updated as changesin market conditions occur (which may include bids and asks being placedon the market, bids and asks being removed from the market, and otherchanges) to provide a substantially real-time representation of marketconditions.

Display 60 may incorporate one or more approved seller lists and one ormore approved buyer lists into a substantially real-time graphicalrepresentation of market conditions in any suitable manner. For example,display 60 may include bid bars 32, ask bars 34, price axis 36, andquantity axis 38, similar to display 30. However, in contrast to display30, bid bars 32 within display 60 may each be divided into bid segments62, each corresponding to a particular bid from a particular buyer 12.Bid quantity may be represented by the length of the corresponding bidsegment 62, and buyer identity may be represented by the marking,shading, coloring, or other aspect of corresponding bid segment 62. Bidsfrom buyers 12 excluded from one or more applicable approved buyer listsmay be excluded from market display 60. For example, bid bar 32 c may,as a result of the exclusion of one or more buyers 12 from one or moreapplicable approved buyer lists, indicate that there is a bid quantityof only seven hundred items available at a bid price of $8.90, insteadof one thousand items. As an alternative, bids from buyers 12 excludedfrom one or more applicable approved buyer lists may be included inmarket display 60, but distinctly marked, shaded, colored, or otherwiseidentified as being from an excluded buyer 12.

Bids at a particular bid price may be prioritized according to anysuitable prioritization scheme. For example, earlier-received bids at aparticular bid price may be given higher priority than later-receivedbids at the same bid price, bid segments 62 within a particular bid bar32 that correspond to higher-priority bids may be graphically placed ontop of bid segments 62 within bid bar 32 that correspond tolower-priority bids, and higher-priority bids at a particular bid pricemay be matched with one or more asks before lower-priority bids at thesame bid price are matched with one or more asks. As another example,bids from preferred buyers 12 at a particular bid price may be givenhigher priority than bids from other buyers 12 at the same bid price,which preferences may be indicated by one or more approved buyer listsfor a particular seller 14, bid segments 62 within a particular bid bar32 that correspond to higher-priority bids may be graphically placed ontop of bid segments 62 within bid bar 32 that correspond tolower-priority bids, and higher-priority bids at a particular bid pricemay, using any suitable technique, be matched with asks from seller 14before lower-priority bids at the same bid price are matched with asksfrom seller 14.

Similar to bid bars 32, ask bars 34 may also be divided into asksegments 64, each corresponding to a particular ask from a particularseller 14. Ask quantity may be represented by the length ofcorresponding ask segment 64, and seller identity may be represented bythe marking, shading, coloring, or other aspect of corresponding asksegment 64. Asks from sellers 14 excluded from one or more applicableapproved seller lists may be excluded from market display 60. Forexample, ask bar 34 c may, as a result of the exclusion of one or moresellers from one or more applicable approved buyer lists, indicate thatthere is an ask quantity of only six hundred items at an ask price of$11.10, instead of eleven hundred items. As an alternative, asks fromsellers 14 excluded from one or more applicable approved seller listsmay be included in market display 60, but distinctly marked, shaded,colored, or otherwise identified as being from an excluded seller 14.Asks at a particular ask price may be prioritized according to anysuitable prioritization scheme. For example, earlier-received asks at aparticular ask price may be given higher priority than later-receivedasks at the same ask price, ask segments 64 within a particular ask bar34 that correspond to higher-priority asks may be graphically placed ontop of ask segments 64 within ask bar 34 that correspond tolower-priority asks, and higher-priority asks at a particular ask pricemay be matched with one or more bids before lower-priority asks at thesame ask price are matched with one or more bids.

Similar to bids at a particular bid price, asks at a particular askprice may be prioritized according to any suitable prioritizationscheme. For example, earlier-received asks at a particular ask price maybe given higher priority than later-received asks at the same ask price,ask segments 64 within a particular ask bar 34 that correspond tohigher-priority asks may be graphically placed on top of ask segments 64within ask bar 34 that correspond to lower-priority asks, andhigher-priority asks at a particular ask price may be matched with oneor more bids before lower-priority asks at the same ask price arematched with one or more bids. As another example, asks from preferredsellers 14 at a particular ask price may be given higher priority thanasks from other sellers 14 at the same ask price, which preferences maybe indicated by one or more approved seller lists for a particular buyer12, ask segments 64 within a particular ask bar 34 that correspond tohigher-priority asks may be graphically placed on top of ask segments 64within ask bar 34 that correspond to lower-priority asks, andhigher-priority asks at a particular ask price may, using any suitabletechnique, be matched with bids from buyer 12 before lower-priority asksat the same ask price are matched with bids from seller 14.

Display 60 may also include one or more windows 46, described above, forentering average buy (or sell) prices and displaying calculatedquantities corresponding to entered average buy (or sell) prices. Inaddition or as an alternative, one or more windows 46 may be used forentering quantities of items and displaying calculated average buy (orsell) prices corresponding to entered quantities. For example, display60 may include window 46 a for displaying calculated quantities andaverage buy (or sell) prices taking into account one or more approvedseller (or buyer) lists. Display 60 may also include window 46 b fordisplaying calculated quantities and average buy (or sell) prices nottaking into account such lists, which may allow for a comparison ofprices and quantities taking into account one or more approved seller(or buyer) lists with prices and quantities not taking into account suchlists. Such a comparison may highlight costs associated with excludingone or more sellers (or buyers). Any suitable combination of hardwareand software supporting display 60 may calculate quantities and averageprices. Entered quantities and average buy (or sell) prices andcalculated quantities and average buy (or sell) prices may, in additionor as an alternative to being displayed within a window 46, begraphically displayed within display 60 using quantity bars 48 andaverage price bars 50, described above.

As an example of the concepts described above and not by way oflimitation, a buyer 12 using display 60 may enter an average buy priceof $10.38, and a calculated quantity of three hundred twelve items(which may be the quantity of items that may be bought at an average buyprice of $10.38 under the market conditions shown in example display 60taking into account one or more approved seller lists for buyer 12) maybe displayed within window 46 a. Additionally, a calculated quantity offive hundred items (which may be the quantity of items that may bebought at an average buy price of $10.38 under the market conditionsshown in example display 60 not taking into account such lists) may bedisplayed within window 46 b. A comparison of the calculated quantity(three hundred twelve items) for an average buy price of $10.38 takinginto account one or more approved seller lists for buyer 12 with thecalculated quantity (five hundred items) for an average buy price of$10.38 not taking into account such lists may highlight the costsassociated with buyer 12 excluding one or more sellers 14 (one hundredeighty-eight more items may be bought at an average buyer price of$10.38 when one or more approved seller lists for buyer 12 are not takeninto account). As another example, buyer 12 may enter a quantity ofeleven hundred items, and a calculated average price of $10.70 (whichmay be the average buy price at which eleven hundred items may be boughtunder the market conditions shown in example display 60 taking intoaccount one or more approved seller lists for buyer 12) may be displayedwithin window 46 a. Additionally, a calculated average price of $10.55(which may be the average buy price at which eleven hundred items may bebought under the market conditions shown in example display 60 nottaking into account such lists) may be displayed within window 46 b. Acomparison of the calculated average buy price ($10.70) for a quantityof eleven hundred items taking into account one or more approved sellerlists for buyer 12 with the calculated average buy price ($10.55) forthe same quantity of items not taking into account such lists mayhighlight the costs associated with buyer 12 excluding one or moresellers 14 (a quantity of eleven hundred items may be bought at anaverage buy price $0.15 lower when one or more approved seller lists forbuyer 12 are not taken into account).

Display 60 may also include one or more execution icons 52, which mayfacilitate order entry by a user, as described above in reference todisplay 30. For example, a buyer 12 using display 60 may enter anaverage buy price, and the quantity of items that may be bought at theentered average buy price under current market conditions taking intoaccount one or more approved seller lists for buyer 12 may be calculatedand displayed within window 46 a or elsewhere within display 30, asdescribed above. Buyer 12 may use execution icon 52 to cause one or morebids for the calculated and displayed quantity of items at the enteredaverage buy price to be automatically generated and communicated tomarket server 20 for matching with one or more appropriate asks. (Theremay also be an execution icon 52 associated with window 46 b which buyer12 may use to cause one or more bids for the quantity of items displayedwithin 46 b at the entered average buy price to be automaticallygenerated and communicated to market server 20.) Buyer 12 may, inaddition or as an alternative, enter a quantity of items, and theaverage buy price at which the entered quantity of items may be boughtunder current market conditions taking into account one or more approvedseller lists for buyer 12 may be displayed within window 46 a orelsewhere within display 30, as described above. Buyer 12 may useexecution icon 52 to cause one or more bids for the entered quantity ofitems at the calculated and displayed average buy price to beautomatically generated and communicated to market server 20 formatching with one or more appropriate asks. (There may also be anexecution icon 52 associated with window 46 b which buyer 12 may use tocause one or more bids for the entered quantity of items at the averagebuy price displayed within 46 b to be automatically generated andcommunicated to market server 20.)

Although execution icon 52 has been particularly described as being usedby a buyer 12, the present invention contemplates any suitable usermaking use of execution icon 52 for any suitable purpose. For example, aseller 14 using display 60 may use execution icon 52 to cause one ormore asks to be automatically generated based on information displayedwithin window 46 or elsewhere within display 60 and communicated tomarket server 20 for matching with one or more appropriate bids. Anysuitable combination of hardware and software supporting display 60 maygenerate an order based on information displayed within window 46 a orelsewhere within display 60 and communicate the generated order tomarket server 20 in response to a user selecting execution icon 52 orotherwise indicating a desire to buy or sell. Although example executionicon 52 is particularly described and illustrated herein, the presentinvention contemplates a user indicating a desire to cause an order tobe generated based on information displayed within window 46 a orelsewhere within display 60 and subsequently communicated to marketserver 20 in any suitable manner.

As an example of the concepts described above and not by way oflimitation, a buyer 12 using display 60 may enter an average buy priceof $10.38, and a corresponding quantity of three hundred twelve itemsmay be displayed within window 46 a and using quantity bar 48, asdescribed above. Buyer 12 may then (possibly after making a buy decisionbased on the information within display 60) select execution icon 52 orotherwise indicate a desire to buy three hundred twelve items at anaverage buy price of $10.38, which may cause a bid for two hundred fiftyitems at a bid price of $10.30 and a bid for sixty-two items at a bidprice or $10.70 to be automatically generated and communicated to marketserver 20 for matching with one or more appropriate asks. Since twohundred fifty items are available at $10.30 and sixty-two items areavailable at $10.70 under current market conditions taking into accountone or more approved seller lists for buyer 12, the bids communicated tomarket server 20 may be matched with one or more appropriate asks withina substantially short time of being received by market server 20. Asanother example, buyer 12 may enter a quantity of eleven hundred items,and a corresponding average buy price of $10.70 may be calculated anddisplayed within window 46 a and using average price bar 50, asdescribed above. Buyer 12 may then select execution icon 52, which maycause a bid for two hundred fifty items at a bid price of $10.30, a bidfor six hundred items at a bid price of $10.70, and a bid for twohundred fifty items at a bid price of $11.10 to be automaticallygenerated and communicated to market server 20 for matching with one ormore appropriate asks. Since two hundred fifty items are available at$10.30, six hundred items are available at $10.70, and two hundred fiftyitems are available at $11.10 under current market conditions takinginto account one or more approved seller lists for buyer 12, the bidscommunicated to market server 20 may be matched with one or moreappropriate asks within a substantially short time of being received bymarket server 20.

FIG. 4 illustrates another example display 70 of market data. Display 70may include one or more average buy price curves 72, which may each be afunction of quantity and possibly one or more other variables. Forexample, average buy price curve 72 a may include a plot of average buyprice as a function of quantity, and average buy price curve 72 b mayinclude a plot of average buy price as a function of quantity and one ormore approved seller lists for a buyer 12 using display 70. In general,average buy prices taking into account one or more approved seller listsfor buyer 12 will be greater than average buy prices not taking intoaccount such lists. Therefore, certain portions of price curve 72 a maybe separated from price curve 72 b by area 74, which may represent theprice difference between average buy prices taking into account one ormore approved seller lists for buyer 12 and average buy price not takinginto account such lists over a range of quantities. Although exampledisplay 70 is described and illustrated herein as including average buyprice curves 72, the present invention contemplates display 70including, in addition or as an alternative to average buy price curves72, average sell price curves, which may be a function of quantity andpossibly one or more other variables, such as one or more approved buyerlists for a particular seller 14.

Display 70 may be generated in any suitable manner for use by anysuitable market participants. In one embodiment, for example, marketserver 20 may communicate market data to a computer system having one ormore computers associated with a particular buyer 12, which computersystem may, using the market data, generate display 60 for the exclusiveuse of buyer 12. In another embodiment, for example, market server 20may locally generate all or certain portions of display 70 for aparticular buyer 12 and communicate corresponding display data to acomputer system associated with buyer 12 for the exclusive use of buyer12. In another embodiment, for example, market server 20 may locallygenerate certain portions of display 70 for use by any number of buyers12 or sellers 14 and communicate corresponding display data to acomputer system associated with a particular buyer 12, which computersystem may modify display 70 (which may include incorporating one ormore approved seller lists into the previously generated portions ofdisplay 70) for buyer 12. Moreover, display 70 may be updated as changesin market conditions occur (which may include bids and asks being placedon the market, bids and asks being removed from the market, and otherchanges) to provide a substantially real-time representation of marketconditions.

Display 70 may include one or more windows 46, described above, forentering average buy prices and displaying calculated quantitiescorresponding to entered average buy prices. For example, window 46within display 70 may include a quantity display and two average buyprice displays, one for average buy prices corresponding to price curve72 a and one for average buy prices corresponding to price curve 72 b. Abuyer 12 using average display 70 may enter a particular quantity ofitems, and the average buy price at which the entered quantity of itemsmay be bought under current market conditions taking into account one ormore approved seller lists for buyer 12 and the average buy price atwhich the entered quantity of items may be bought under current marketconditions not taking into account such lists may be calculated anddisplayed within window 46. In addition or as an alternative, window 46within display 70 may include an average buy price display and twoquantity displays, one for quantities corresponding to price curve 72 aand one for quantities corresponding to price curve 72 b. Buyer 12 mayenter a particular average buy price, and the quantity of items that maybe bought at the entered average buy price under current marketconditions taking into account one or more approved seller lists and thequantity of items that may be bought at the entered average buy priceunder current market conditions not taking into account such lists maybe calculated and displayed within window 46. Any suitable combinationof hardware and software supporting display 70 may calculate quantitiesand average prices.

As an example of the concepts described above and not by way oflimitation, a buyer 12 using display 70 may enter a quantity of elevenhundred items, and the average buy price ($10.70) for eleven hundreditems under current market conditions taking into account one or moreapproved seller lists for buyer 12 and the average buy price ($10.55)for eleven hundred items under current market conditions not taking intoaccount such lists may be calculated and displayed within window 46. Asanother example, buyer 12 may enter an average buy price of $10.38, andthe quantity of items (three hundred twelve) that may be bought at anaverage buy price of $10.38 under current market conditions taking intoaccount one or more approved seller lists for buyer 12 and the quantityof items that may be bought under the current market conditions at anaverage buy price of $10.38 not taking into account such lists may becalculated and displayed within window 46.

In addition or as an alternative to being displayed within window 46,entered and calculated quantities and entered and calculated average buyprices may be graphically displayed using one or more price curveintersection bars 76. For example, a buyer 12 using display 70 may entera quantity of eleven hundred items, and a price curve intersection bar76 may be generated and vertically placed along quantity axis 82 withindisplay 70 according to the entered quantity. The intersection of such avertical price curve intersection bar 76 and buy price curve 72 a mayindicate that eleven hundred items may be bought at an average buy price$10.55 under current market conditions not taking into account one ormore approved seller lists for buyer 12, and the intersection of thevertical price curve intersection bar 76 and buy price curve 72 b mayindicate that the eleven hundred items may be bought at an average buyprice of $10.70 under current market conditions taking into account suchlists. As another example, buyer 12 may enter an average buy price of$10.38, and a price curve intersection bar 76 may be generated andhorizontally placed along price axis 80 according to the entered averagebuy price. The intersection of such a horizontal price curveintersection bar 76 and buy price curve 72 a may indicate that fivehundred items may be bought at an average buy price of $10.38 undercurrent market conditions not taking into account one or more approvedseller lists for buyer 12, and the intersection of the horizontal pricecurve intersection bar 76 and buy price curve 72 b may indicate thatthree hundred twelve items may be bought at an average buy price of$10.38 under current market conditions not taking into account suchlists. Although example price curve intersection bars 76 are describedand illustrated herein, the present invention contemplates any suitablebars or other graphical representations of calculated and enteredquantities and calculated and entered average prices being includedwithin display 70.

Display 70 may also include one or more execution icons 52, which mayfacilitate order entry by a user, as described above in reference todisplays 30 and 60. For example, a buyer 12 using display 70 may enteran average buy price, and the quantity of items that may be bought atthe entered average buy price under current market conditions takinginto account one or more approved seller lists for buyer 12 may becalculated and displayed within window 46 or elsewhere within display70, as described above. Buyer 12 may use execution icon 52 to cause oneor more bids for the calculated and displayed quantity of items at theentered average buy price to be automatically generated and communicatedto market server 20 for matching with one or more appropriate asks.Buyer 12 may, in addition or as an alternative, enter a quantity ofitems, and the average buy price at which the entered quantity of itemsmay be bought under current market conditions taking into account one ormore approved seller lists for buyer 12 may be displayed within window46 or elsewhere within display 70, as described above. Buyer 12 may useexecution icon 52 to cause one or more bids for the entered quantity ofitems at the calculated and displayed average buy price to beautomatically generated and communicated to market server 20 formatching with one or more appropriate asks. Although execution icon 52has been particularly described herein as being used to automaticallygenerate one or more bids based on current market conditions taking intoaccount one or more approved seller lists for buyer 12, the presentinvention contemplates execution icon 52 being used to automaticallygenerate one or more bids based on any suitable information displayedwithin window 46 or elsewhere within display 70. For example, executionicon 52 may be used to automatically generate one or more bids based oncurrent market conditions not taking into account one or more approvedseller lists for buyer 12.

Although execution icon 52 has been particularly described as being usedby a buyer 12, the present invention contemplates any suitable usermaking use of execution icon 52 for any suitable purpose. For example, aseller 14 using display 70 may use execution icon 52 to cause one ormore asks to be automatically generated based on information displayedwithin window 46 or elsewhere within display 70 and communicated tomarket server 20 for matching with one or more appropriate bids. Anysuitable combination of hardware and software supporting display 70 maygenerate an order based on information displayed within window 46 orelsewhere within display 70 and communicate the generated order tomarket server 20 in response to a user selecting execution icon 52 orotherwise indicating a desire to buy or sell. Although example executionicon 52 is described and illustrated herein, the present inventioncontemplates a user indicating a desire to cause an order to begenerated based on information displayed within window 46 or elsewherewithin display 60 and communicated to market server 20 in any suitablemanner.

As an example of the concepts described above and not by way oflimitation, a buyer 12 using display 70 may enter an average buy priceof $10.38, and a corresponding quantity of three hundred twelve itemsmay be displayed within window 46 and using price curve intersection bar76, as described above. Buyer 12 may then (possibly after making a buydecision based on the information within display 60) select executionicon 52 or otherwise indicate a desire to buy three hundred twelve itemsat an average buy price of $10.38, which may cause one or more bids foran aggregate quantity of three hundred twelve items at an average buyprice of $10.38 to be automatically generated and communicated to marketserver 20 for matching with one or more appropriate asks. Since anaggregate quantity of three hundred twelve items is available at anaverage buy price of $10.38 under current market conditions taking intoaccount one or more approved seller lists for buyer 12, the bidscommunicated to market server 20 may be matched with one or moreappropriate asks within a substantially short time of being received bymarket server 20. As another example, buyer 12 may enter a quantity ofeleven hundred items, and a corresponding average buy price of $10.70may be calculated and displayed within window 46 and using average pricebar 50, as described above. Buyer 12 may then select execution icon 52,which may cause one or more bids for an aggregate quantity of elevenhundred items at an average buy price of $10.70 to be automaticallygenerated and communicated to market server 20 for matching with one ormore appropriate asks. Since eleven hundred items are available at anaverage buy price of $10.70 under current market conditions taking intoaccount one or more approved seller lists for buyer 12, the bidscommunicated to market server 20 may be matched with one or moreappropriate asks within a substantially short time of being received bymarket server 20.

FIG. 5 illustrates an example method for generating example display 30and facilitating order entry. The method begins at step 100, where acomputer system having one or more computers associated with aparticular buyer 12 for generating display 30 receive market data frommarket server 20. At step 102, the computer system generates display 30based on the received market data. In another embodiment, as describedabove, market server 20 may locally generate all or certain portions ofdisplay 30 for a particular buyer 12 and communicate correspondingdisplay data to a computer system associated with buyer 12 for theexclusive use of buyer 12. In yet another embodiment, market server 20may locally generate certain portions of display 30 for use by anynumber of buyers 12 or sellers 14 and communicate corresponding displaydata to a computer system associated with a particular buyer 12, whichcomputer system may modify display 30 (which may include generatingfurther portions of display 30) for buyer 12. As described above,display 30 may include bid bars 32 and ask bars 34 placed along priceaxis and 36 and having corresponding heights relative to quantity axis38. At step 104, buyer 12 enters an average buy price. As describedabove, display 30 may include window 46, which may be used for enteringan average buy price. At step 106, the computer system calculates thequantity of items that may be bought at the entered average buy priceunder current market conditions. Any suitable combination of hardwareand software supporting display 30 may calculate quantities and averageprices. The computer system displays the calculated quantity of itemswithin display 30 at step 108. As described above, the calculatedquantity of items may be displayed within window 46 and, in addition oras an alternative, using quantity bar 48. The entered average buy pricemay also be displayed using average buy price bar 50.

At step 110, the computer system receives an instruction from buyer 12to generate one or more bids for the calculated and displayed quantityat the entered average buy price for communication to market server 20.As described above, execution icon 52 may be used to provide such aninstruction. For example, buyer 12 may select execution icon 52 toinstruct the computer system to generate one or more bids for thecalculated and displayed quantity at the entered average buy price andcommunicate the generated bids to market server 20 for matching with oneor more appropriate asks. At step 112, the computer system generates oneor more bids for the calculated and displayed quantity at the enteredaverage buy price in response to receiving the instruction from buyer12. As described above, the generated bids may include a number ofdifferent bids each including a different bid quantity and a differentbid price. At step 114, the computer system communicates the generatedbids to market server 20 for matching with one or more appropriate asks,and the method ends.

FIG. 6 illustrates an example method for generating example display 60and facilitating order entry. The method begins at step 120, where acomputer system having one or more computers associated with aparticular buyer 12 for generating display 60 receive market data frommarket server 20. The computer system accesses one or more approvedseller lists for buyer 12 at step 122 and, at step 124, generatesdisplay 60 based on the received market data and approved seller lists.In another embodiment, as described above, market server 20 may locallygenerate all or certain portions of display 60 for a particular buyer 12and communicate corresponding display data to a computer systemassociated with buyer 12 for the exclusive use of buyer 12. In yetanother embodiment, market server 20 may locally generate certainportions of display 60 for use by any number of buyers 12 or sellers 14and communicate corresponding display data to a computer systemassociated with a particular buyer 12, which computer system may modifydisplay 60 (which may include incorporating one or more approved sellerlists into the previously generated portions of display 60) for buyer12.

As described above, display 60 may incorporate one or more approvedseller lists and one or more approved buyer lists into a substantiallyreal-time graphical representation of market conditions. Display 60 mayinclude bid bars 32 and ask bars 34 placed along price axis 36 andhaving corresponding heights relative to quantity axis 38. Bid bars 32within display 60 may each be divided into bid segments 62, eachcorresponding to a particular bid from a particular buyer 12. Bidquantity may be represented by the length of the corresponding bidsegment 62, and buyer identity may be represented by the marking,shading, coloring, or other aspect of corresponding bid segment 62. Bidsfrom buyers 12 excluded from one or more applicable approved buyer listsmay be excluded from market display 60. As an alternative, bids frombuyers 12 excluded from one or more applicable approved buyer lists maybe included in market display 60, but distinctly marked, shaded,colored, or otherwise identified as being from an excluded buyer 12.Bids at a particular bid price may be prioritized according to anysuitable prioritization scheme. For example, earlier-received bids at aparticular bid price may be given higher priority than later-receivedbids at the same bid price, bid segments 62 within a particular bid bar32 that correspond to higher-priority bids may be graphically placed ontop of bid segments 62 within bid bar 32 that correspond tolower-priority bids, and higher-priority bids at a particular bid pricemay be matched with one or more asks before lower-priority bids at thesame bid price are matched with one or more asks. As another example,bids from preferred buyers 12 at a particular bid price may be givenhigher priority than bids from other buyers 12 at the same bid price,which preferences may be indicated by one or more approved buyer listsfor a particular seller 14, bid segments 62 within a particular bid bar32 that correspond to higher-priority bids may be graphically placed ontop of bid segments 62 within bid bar 32 that correspond tolower-priority bids, and higher-priority bids at a particular bid pricemay, using any suitable technique, be matched with asks from seller 14before lower-priority bids at the same bid price are matched with asksfrom seller 14.

Similar to bid bars 32, ask bars 34 may also be divided into asksegments 64, each corresponding to a particular ask from a particularseller 14. Ask quantity may be represented by the length ofcorresponding ask segment 64, and seller identity may be represented bythe marking, shading, coloring, or other aspect of corresponding asksegment 64. Asks from sellers 14 excluded from one or more applicableapproved seller lists may be excluded from market display 60. As analternative, asks from sellers 14 excluded from one or more applicableapproved seller lists may be included in market display 60, butdistinctly marked, shaded, colored, or otherwise identified as beingfrom an excluded seller 14. Asks at a particular ask price may beprioritized according to any suitable prioritization scheme. Forexample, earlier-received asks at a particular ask price may be givenhigher priority than later-received asks at the same ask price, asksegments 64 within a particular ask bar 34 that correspond tohigher-priority asks may be graphically placed on top of ask segments 64within ask bar 34 that correspond to lower-priority asks, andhigher-priority asks at a particular ask price may be matched with oneor more bids before lower-priority asks at the same ask price arematched with one or more bids. Similar to bids at a particular bidprice, asks at a particular ask price may be prioritized according toany suitable prioritization scheme. For example, earlier-received asksat a particular ask price may be given higher priority thanlater-received asks at the same ask price, ask segments 64 within aparticular ask bar 34 that correspond to higher-priority asks may begraphically placed on top of ask segments 64 within ask bar 34 thatcorrespond to lower-priority asks, and higher-priority asks at aparticular ask price may be matched with one or more bids beforelower-priority asks at the same ask price are matched with one or morebids. As another example, asks from preferred sellers 14 at a particularask price may be given higher priority than asks from other sellers 14at the same ask price, which preferences may be indicated by one or moreapproved seller lists for a particular buyer 12, ask segments 64 withina particular ask bar 34 that correspond to higher-priority asks may begraphically placed on top of ask segments 64 within ask bar 34 thatcorrespond to lower-priority asks, and higher-priority asks at aparticular ask price may, using any suitable technique, be matched withbids from buyer 12 before lower-priority asks at the same ask price arematched with bids from seller 14.

At step 126, buyer 12 enters an average buy price, and, at step 128, thecomputer system calculates the quantity of items that may be bought atthe entered average buy price under current market conditions takinginto account the approved seller lists. Any suitable combination ofhardware and software supporting display 60 may calculate quantities andaverage prices. At step 130, the computer system displays the calculatedquantity of items. As described above, display 60 may include one ormore windows 46 for entering average buy (or sell) prices and displayingcalculated quantities corresponding to entered average buy (or sell)prices. In addition or as an alternative, windows 46 may be used forentering quantities of items and displaying calculated average buy (orsell) prices corresponding to entered quantities. For example, display60 may include window 46 a for displaying calculated quantities andaverage buy (or sell) prices taking into account one or more approvedseller (or buyer) lists. Display 60 may also include window 46 b fordisplaying calculated quantities and average buy (or sell) prices nottaking into account such lists, which may allow for a comparison ofprices and quantities taking into account one or more approved seller(or buyer) lists with prices and quantities not taking into account suchlists. Entered quantities and average buy (or sell) prices andcalculated quantities and average buy (or sell) prices may, in additionor as an alternative to being displayed within window 46, be graphicallydisplayed within display 60 using quantity bars 48 and average pricebars 50, described above.

At step 132, the computer system receives an instruction from buyer 12to generate one or more bids for the calculated and displayed quantityat the entered average buy price for communication to market server 20.As described above, execution icon 52 may be used to provide such aninstruction. For example, buyer 12 may select execution icon 52 (whichmay be associated with window 46 a) to instruct the computer system togenerate one or more bids for the calculated and displayed quantity atthe entered average buy price and communicate the generated bids tomarket server 20 for matching with one or more appropriate asks. At step134, the computer system generates one or more bids for the calculatedand displayed quantity at the entered average buy price in response toreceiving the instruction from buyer 12. As described above, thegenerated bids may include a number of different bids each including adifferent bid quantity and a different bid price. At step 136, thecomputer system communicates the generated bids to market server 20 formatching with one or more appropriate asks, and the method ends.

FIG. 7 illustrates an example method for generating example display 70and facilitating market entry. The method begins at step 140, where acomputer system associated with a particular buyer 12 for generatingdisplay 70 receives market data from market server 20. The computersystem accesses one or more approved seller lists for buyer 12 at step142 and, at step 144, generate display 70 based on the received marketdata and approved seller lists. In another embodiment, as describedabove, market server 20 may locally generate all or certain portions ofdisplay 70 for a particular buyer 12 and communicate correspondingdisplay data to a computer system associated with buyer 12 for theexclusive use of buyer 12. In yet another embodiment, market server 20may locally generate certain portions of display 70 for use by anynumber of buyers 12 or sellers 14 and communicate corresponding displaydata to a computer system associated with a particular buyer 12, whichcomputer system may modify display 60 (which may include incorporatingone or more approved seller lists into the previously generated portionsof display 70) for buyer 12.

As described above, display 70 may include one or more average buy pricecurves 72, which may each be a function of quantity and possibly one ormore other variables. For example, average buy price curve 72 a mayinclude a plot of average buy price as a function of quantity, andaverage buy price curve 72 b may include a plot of average buy price asa function of quantity and one or more approved seller lists for a buyer12 using display 70. In general, average buy prices taking into accountone or more approved seller lists for buyer 12 will be greater thanaverage buy prices not taking into account such lists. Therefore,certain portions of price curve 72 a may be separated from price curve72 b by area 74, which may represent the price difference betweenaverage buy prices taking into account one or more approved seller listsfor buyer 12 and average buy price not taking into account such listsover a range of quantities.

At step 146, buyer 12 enters a quantity of items, and, at step 148, thecomputer system calculates the average buy price for the enteredquantity of items under current market conditions taking into accountone or more approved seller lists for buyer 12 and the average buy pricefor the entered quantity of items under current market conditions nottaking into account such lists. Any suitable combination of hardware andsoftware supporting display 70 may calculate quantities and averageprices. The computer system display the calculated average buy prices atstep 150. As described above, display 70 may include one or more windows46, described above, for entering average buy prices and displayingcalculated quantities corresponding to entered average buy prices. Forexample, window 46 within display 70 may include a quantity display andtwo average buy price displays, one for average buy prices correspondingto price curve 72 a and one for average buy prices corresponding toprice curve 72 b. In addition or as an alternative, window 46 withindisplay 70 may include an average buy price display and two quantitydisplays, one for quantities corresponding to price curve 72 a and onefor quantities corresponding to price curve 72 b.

In addition or as an alternative to being displayed within window 46,entered and calculated quantities and entered and calculated average buyprices may be graphically displayed using one or more price curveintersection bars 76. The intersection of such a vertical price curveintersection bar 76 and buy price curve 72 a may indicate that theentered quantity of items may be bought at one average buy price undercurrent market conditions not taking into account one or more approvedseller lists for buyer 12, and the intersection of the vertical pricecurve intersection bar 76 and buy price curve 72 b may indicate that theeleven hundred items may be bought at another, generally higher, averagebuy price under current market conditions taking into account suchlists. As another example, buyer 12 may enter an average buy price and aprice curve intersection bar 76 may be generated and horizontally placedalong price axis 80 according to the entered average buy price. Theintersection of such a horizontal price curve intersection bar 76 andbuy price curve 72 a may indicate that one quantity of items may bebought at the entered average buy price under current market conditionsnot taking into account one or more approved seller lists for buyer 12,and the intersection of the horizontal price curve intersection bar 76and buy price curve 72 b may indicate that another, generally smaller,quantity of items may be bought at the entered average buy price undercurrent market conditions not taking into account such lists. Althoughexample price curve intersection bars 76 are described and illustratedherein, the present invention contemplates any suitable bars or othergraphical representations of calculated and entered quantities andcalculated and entered average prices being included within display 70.

At step 152, the computer system receives an instruction from buyer 12to generate one or more bids for the entered quantity at the calculatedand displayed average buy price taking into account one or more approvedseller lists for buyer 12 and for communication to market server 20. Asdescribed above, execution icon 52 may be used to provide such aninstruction. For example, buyer 12 may select execution icon 52 toinstruct the computer system to generate one or more bids for theentered quantity at the calculated and displayed average buy price andcommunicate the generated bids to market server 20 for matching with oneor more appropriate asks. Although execution icon 52 has beenparticularly described herein as being used to automatically generateone or more bids based on current market conditions taking into accountone or more approved seller lists for buyer 12, the present inventioncontemplates execution icon 52 being used to automatically generate oneor more bids based on any suitable information displayed within window46 or elsewhere within display 70. For example, execution icon 52 may beused to automatically generate one or more bids based on current marketconditions not taking into account one or more approved seller lists forbuyer 12. At step 154, the computer system generates one or more bidsfor the calculated and displayed quantity at the entered average buyprice in response to receiving the instruction from buyer 12. Asdescribed above, the generated bids may include a number of differentbids each including a different bid quantity and a different bid price.At step 156, the computer system communicates the generated bids tomarket server 20 for matching with one or more appropriate asks, and themethod ends.

Although the present invention has been described with severalembodiments, divers changes, substitutions, variations, alterations, andmodifications may be suggested to one skilled in the art, and it isintended that the invention may encompass all such changes,substitutions, variations, alterations, and modifications fall withinthe spirit and scope of the appended claims.

1. Software for generating a display of at least one side of a market,the software embodied in a computer-readable medium and when executedusing one or more computers is configured to: receive market datarepresenting one or more offers, from one or more market participantcomputers, each offer comprising an offered price and an offeredquantity; generate a display of the received market data, the displaycomprising a price axis, a quantity axis, a first price curve comprisinga plot of average offered price as a function of quantity, and a secondprice curve comprising a plot of average offered price as a function ofquantity and an approved market participant list for a user; access aquantity specified by the user; calculate a first average offered pricecomprising a price at which the specified quantity is availableindependent of the approved market participant list; calculate a secondaverage offered price comprising a price at which the specified quantityis available taking into account the approved market participant list;and indicate the first and second calculated average offered priceswithin the display of the received market data.
 2. The software of claim1, wherein the indication of the first and second calculated averageoffered prices comprises a line placed along the quantity axis at thespecified quantity, the line intersecting the first price curve at thefirst calculated average offered price, the line intersecting the secondprice curve at the second calculated average offered price.
 3. Thesoftware of claim 1, wherein the offers comprise asks.
 4. The softwareof claim 1, wherein the market participant computers comprise sellercomputers.
 5. The software of claim 1, wherein offered prices compriseask prices.
 6. The software of claim 1, wherein offered quantitiescomprise ask quantities.
 7. The software of claim 1, wherein theapproved market participant list comprises an approved seller list. 8.The software of claim 1, wherein the calculated first and second averageoffered prices each comprise an average buy price at which the specifiedquantity is available.
 9. The software of claim 1, further configuredto: access an average price specified by the user; calculate a firstoffered quantity and a second offered quantity, the first calculatedoffered quantity comprising a quantity available at the specifiedaverage price independent of the approved market participant list, thesecond calculated offered quantity comprising a quantity available atthe specified average price taking into account the approved marketparticipant list, the first calculated offered quantity is greater thanor equal to the second calculated offered quantity; and indicate thefirst and second calculated offered quantities within the display of thereceived market data.
 10. The software of claim 1, further configuredto: receive new market data representing one or more changes in the oneor more offers; and in response to receiving the new market data, updatethe display of the market data.
 11. Software for generating a display ofat least one side of a market, the software embodied in acomputer-readable medium and when executed using one or more computersis configured to: receive market data representing one or more asks,from one or more seller computers, each ask comprising an ask price andan ask quantity; generate a display of the received market data, thedisplay comprising a price axis, a quantity axis, and one or more askbars, each ask bar representing one or more asks comprisingsubstantially equal ask prices, placement of an ask bar along the priceaxis representing the substantially equal ask prices for the one or moreasks represented by the ask bar, height of an ask bar relative to thequantity axis representing an aggregate ask quantity for the one or moreasks represented by the ask bar; access an average buy price specifiedby a user; calculate a quantity available at the average buy price basedon the received market data; and indicate the specified average buyprice within the display of the received market data.
 12. The softwareof claim 11, wherein the indication of the specified average buy pricecomprising a line placed along the price axis at the specified averageprice.
 13. The software of claim 11, further configured to: indicate thecalculated quantity within the display of the received market data, theindication of the calculated quantity comprising a line placed along thequantity axis at the calculated offered quantity.
 14. The software ofclaim 11, further configured to: access a quantity specified by theuser; calculate an average buy price at which the specified quantity isavailable based on the market data; and indicate the specified quantitywithin the display of the received market data, the indication of thespecified quantity comprising a line placed along the quantity axis atthe specified quantity.
 15. The software of claim 14, further configuredto: indicate the calculated average buy price within the display of thereceived market data, the indication of the calculated average buy pricecomprising a line placed along the price axis at the calculated averagebuy price.
 16. The software of claim 11, further configured to: receivenew market data representing one or more changes in the one or moreasks; and in response to receiving the new market data, update thedisplay of the market data.
 17. Software for generating a display of atleast one side of a market, the software embodied in a computer-readablemedium and when executed using one or more computers is configured to:receive market data representing one or more offers, from one or moremarket participant computers, each offer comprising an offered price andan offered quantity; generate a display of the received market data, thedisplay comprising a price axis, a quantity axis, and one or more offerbars, each offer bar representing one or more offers comprisingsubstantially equal offered prices, placement of an offer bar along theprice axis representing the substantially equal offered prices for oneor more offers represented by the offer bar, height of an offer barrelative to the quantity axis representing an aggregate offered quantityfor the one or more offers represented by the offer bar; access anaverage price specified by a user; calculate an offered quantityavailable at the specified average offered price based on the receivedmarket data; and indicate the calculated offered quantity within thedisplay of the received market data.